Category Archives: News

AURELIUS Equity Opportunities sells UK fine chemical manufacturer Wychem to Ascensus Specialties

Aurelius Capital
  • Successful exit after becoming part of AURELIUS’ portfolio and repositioning of the company since 2016
  • Being part of AURELIUS’ chemical activities in the UK, Wychem today is a well-established company with a highly qualified team and a specialized product portfolio
  • Wychem will play a vital role In Ascensus’ European expansion
  • Further transactions expected in the coming weeks

Grünwald/London, December 13, 2021 – AURELIUS Equity Opportunities SE & Co. KGaA (ISIN: DE000A0JK2A8) today announces the sale of Wychem Limited (“Wychem”) to Ascensus Specialties LLC (“Ascensus”), a U.S. based provider of specialty chemicals. The transaction resulted in a money-over-money multiple of 10.6x for AURELIUS.

Founded more than 50 years ago and becoming part of the AURELIUS portfolio in 2016, Wychem has been part of the AURELIUS’ chemical activities in the UK and became a leading independent manufacturer of fine chemicals for pharmaceuticals and specialty applications in the local market.

The company offers a comprehensive range of more than 1,000 aromatics which are highly valued by more than 50 global customers across different industries. A team of more than 25 experts and a “kilo lab to plant full scale” capability allow for short innovation cycles. Backed by a comprehensive repositioning including investments in site expansion and capacity improvements carried out by AURELIUS, Wychem is now in excellent shape generating a high margin and strong cash flow.

On the back of this strong position in the European market, Wychem will play a vital role in Ascensus’ Expansion. With foundations strongly rooted in chemistry and process, Wychem has been able to differentiate itself within the European market as a leader in process optimization without the cost burden of FDA regulation.

“Since being part of AURELIUS’ portfolio, we have supported Wychem in its positioning and expansion in its markets and saw a consistently positive development of the company. Latest growth initiatives put the company at the forefront of a new phase of growth in the industry,” said Matthias Täubl, CEO of AURELIUS Equity Opportunities SE & Co. KGaA. “I am pleased to see Wychem become an integral part of Ascensus’ strategic expansion into the European market. On the back of a very successful year for AURELIUS and with a solidly filled transaction pipeline, we are confident to execute further deals in the near future.”

“Wychem is a nimble, highly customer-centric organization with deep relationships across its global customer base of CDMO, pharmaceutical, and other specialty customers. The company’s consistent growth and reliable supply to customers throughout the COVID-19 pandemic reflects its excellent reputation for service and quality. Wychem is an exciting addition to Ascensus and aligns with our commitment to servicing the pharmaceutical space”, said Mike Huff, Chief Executive Officer of Ascensus.

AURELIUS was advised on the transaction by Opus Corporate Finance LLP (Financial) and DWF LLP (Legal).

A telephone conference with the AURELIUS Management Team will be held at 2pm CET on Monday, December 13, 2021 in English for interested investors and journalists. Please send an email to investor@aureliusinvest.de to register.

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Pixelz’ management team partners with Adelis in growth buyout

Adelis Equity

In partnership with management, Adelis Equity Partners (“Adelis”) is aquiring Pixelz ApS (“Pixelz”) to further support the company’s evolution and growth journey. Current management-owners will continue in their roles and retain significant ownership going forward.

Pixelz is a leader in the image editing and retouching for the fashion industry and with its AI-powered visuals platform, Pixelz assists global brand owners, online retailers, and photo studios to optimize their online visuals, enabling a better online shopping experience which leads to increased online conversion success.

Pixelz was founded in 2011 and has pioneered a hybrid business model by combining automation and a strong operational culture in its delivery centers, together allowing Pixelz to create a unique and highly attractive position in the market for fashion image editing and retouching.

“Pixelz was seeking a partner to help accelerate its international growth and to support the continued development of its business model,” says Thomas Ladefoged, CEO of Pixelz.

”Pixelz has developed a leading platform and service offering within its niche, and we were impressed by the company’s management team and what they have been able to accomplish. We see exciting potential for both the continued roll-out of their current product offering as well as expansion of Pixelz’ business to include other visuals beyond images in the future,” says Joel Russ at Adelis.

Adelis will become majority owner in Pixelz, while management will continue to own a significant share of the company. Together, the parties expect to continue investing in an ambitious growth plan.

For further information:

Joel Russ, Adelis Equity Partners, +46 73 543 30 68, joel.russ@adelisequity.com

Martin Welna, Adelis Equity Partners, +45 21 99 67 57, martin.welna@adelisequity.com

Thomas Ladefoged, CEO, Pixelz, +45 20 26 50 22, tl@pixelz.com

About Pixelz ApS

Pixelz is a leading provider of postproduction image editing and retouching services, their customers are predominantly global brand owners, online retailers, and photo studios and mainly within the fashion industry. Headquartered in Copenhagen, Denmark, Pixelz operates internationally with offices in the US, Germany, Spain, Netherlands, and production in Vietnam as well as an outsourcing center in Bangladesh. For more information, please visit pixelz.com.

About Adelis Equity Partners

Adelis is a growth partner for well-positioned, Nordic companies. Adelis partners with management and/or owners to build businesses in growth segments and with strong market positions. Since raising its first fund in 2013, Adelis has been one of the most active investors in the Nordic middle-market, making 29 platform investments and more than 120 add-on acquisitions. Adelis today manages approximately €2 billion in capital. For more information, please visit www.adelisequity.com.

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Aurora Capital-Backed Inhance Technologies Acquires Advance Research Chemicals

Aurora Capital

Houston, TX – December 14, 2021 – Inhance Technologies, LLC (“Inhance Technologies” or “Company”), a leading international provider of sustainable polymer material science solutions and portfolio company of Aurora Capital Partners (“Aurora”), today announced it has completed the acquisition of Advance Research Chemicals, Inc. (“ARC”), a world-class producer of specialty chemicals and materials used in a wide range of high-value applications. Terms of the transaction were not disclosed.

With production facilities in the United States and Mexico, ARC supports many of the world’s largest and most innovative companies with its customized solutions, including a large and growing library of high-purity products underpinned by proprietary processes developed over more than 30 years.  ARC’s unique ability to offer R&D, pilot, and commercial scale production allows the company to provide turnkey, tailored solutions for each of its customers. Serving mission-critical needs across a wide array of industries, including medical batteries, semiconductors, 3D printing, and pharmaceuticals, ARC has established itself as a reliable and innovative resource in the field of specialty chemicals and materials.

“ARC is a pioneer in their markets, and their highly complementary suite of solutions will add to our existing offerings as well as expand our geographic and industry reach,” said Andrew Thompson, President and Chief Executive Officer of Inhance Technologies. “Together, we will be a global leader in sustainable specialty chemicals and materials technologies with unmatched R&D capabilities, technical knowhow, and geographic breadth. I look forward to working with the ARC team to continue innovating and using our combined technologies as a means to achieve a greener, more sustainable future.”

“This transaction combines two true industry leaders, uniquely positioning the combined company to capitalize on its existing technologies and deliver a broader suite of innovative solutions to its customers around the globe,” said Dr. Dayal Meshri, Founder and former Executive Chairman of ARC. “Inhance Technologies has established a well-deserved reputation as a trusted provider of sustainable material science solutions and is the right partner for ARC to accelerate adoption of its technologies to better serve its many market-leading customers.”

“When we partnered with Inhance Technologies, we saw a unique opportunity to expand the application set for their proprietary technologies and develop new solutions for a broader range of industries.  This transaction is a transformational step in realizing that opportunity,” said Randy Moser, Partner at Aurora.  “Leveraging the world-class capabilities of each company will spur even more technological advancements, durably accelerating Inhance Technologies’ growth.”

This is the second add-on acquisition that Inhance Technologies has made since the Company partnered with Aurora in 2018. During that time, Inhance Technologies has made significant investments to support its growth, including the opening of a new headquarters and Global Science and Technology Center in Houston, significantly expanding its facility in St. Louis, and developing multiple new, innovative technologies.

Robert W. Baird & Co. served as financial advisor and Gibson Dunn & Crutcher LLP served as legal advisor to Inhance Technologies.

About Inhance Technologies
Inhance Technologies is a global leading provider of polymer material science solutions. For more than 40 years, Inhance Technologies has been developing innovative technologies and solutions that enable new levels of product performance, while reducing environmental impact. With operations in the Americas, Australia and Europe, Inhance Technologies is transforming specialty plastics and chemicals on a global scale and in a wide range of industries, from consumer products to healthcare, industrial applications to agriculture. More information can be found at www.inhancetechnologies.com.

About Advance Research Chemicals
ARC is a world-class specialty chemicals and materials supplier, offering high-purity, tailored solutions, utilizing production facilities in the United States and Mexico. Many of the world’s largest companies partner with ARC to develop performance-critical chemicals and materials that enable some of the world’s most innovative products. ARC also provides private label manufacturing for the institutional and consumer hygiene markets. ARC serves a wide array of industries, including medical batteries, semiconductors, 3D printing, pharmaceuticals, automotive, textiles, and consumer packaged goods.

About Aurora Capital Partners
Aurora is a leading private equity firm focused principally on control investments in middle-market companies with leading market positions, stable industry dynamics, attractive business model characteristics and actionable opportunities for growth in partnership with management. Aurora provides unique resources to its portfolio companies through its Strategy & Operations Program and its team of experienced operating advisors. Aurora’s investors include leading public and corporate pension funds, endowments and foundations active in private equity investing. For more information about Aurora, visit: www.auroracap.com.

Media Contacts

Inhance Technologies
Momotaz Rahman
Marketing Director
mrahman@inhancetechnologies.com

Aurora
Taylor Ingraham / Fred Schweinfurth
ASC Advisors
tingraham@ascadvisors.com / fschweinfurth@ascadvisors.com

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AURELIUS acquires Minova in a global carve-out transaction from Orica Ltd.

Aurelius Capital
  • AURELIUS agrees to acquire Minova, a leading global manufacturer and provider of mining and infrastructure essentials, for an Enterprise Value of AUD 180m (approx. EUR 114m)
  • Significant growth potential to be realised from underlying market growth, as well as through investments into global footprint and add-on acquisitions
  • AURELIUS to support Minova in its ongoing transition from soft rock to hard rock mining and infrastructure markets
  • 4th transaction of the recently launched AURELIUS European Opportunities Fund IV together with AURELIUS Equity Opportunities SE & Co. KGaA

Luxemburg/London, December 12, 2021 – AURELIUS announces the acquisition of Minova in a global carve-out transaction from Orica Ltd, Melbourne, Australia (“Orica” ISIN: AU000000ORI1). The transaction with an enterprise value of AUD 180 million (approx. EUR 114 million) will be completed by AURELIUS’ newly launched co-investment structure with AURELIUS European Opportunities Fund IV controlling a 70% stake and AURELIUS Equity Opportunities SE & Co. KGaA (ISIN: DE000A0JK2A8) controlling 30%. The transaction is expected to close in Q1 2022, subject to approval by the relevant competition and regulatory authorities.

Headquartered in London, Minova is a global manufacturer and provider of earth-control products to mining and infrastructure customers supplying steel (bolts, mesh etc.) as well as chemical products (resins) and among the Top-3 in all relevant markets. With 13 production sites and 18 sales offices across North America, Europe & the CIS, South Africa, India and Australia and more than 1,000 employees, Minova generated revenues of ca. EUR 300 million in the last financial year.

Minova’s markets have been changing over the past years, with the drive for electrification substantially raising demand for precious metals (hard-rock mining), forecasted to quadruple by 2040, while thermal coal (“soft rock”) is in structural decline. With its globally leading resin know-how, Minova is ideally placed to benefit from the related requirement for deeper and more complex hard rock mines. AURELIUS will actively support Minova’s ongoing transition from soft rock to hard rock in the coming years.

“I am pleased to welcome Minova as the fourth fund investment in our portfolio, a really exciting opportunity for AURELIUS to expand a global market leader in an attractive niche. The transaction proves again that our experience in corporate spin-offs is highly appreciated by corporate sellers all over the world,” said Dr. Dirk Markus, Founding Partner of AURELIUS.

“With an excellent and highly motivated management in place and the operational and capital backing of AURELIUS we have the perfect team to drive the transition towards hard rock markets and unlock the potential of the business on a global level,” said Florian Muth, Partner of AURELIUS.

AURELIUS was advised on the transaction by Deutsche Bank (M&A), Wood Mackenzie (CDD), PwC (Accounting), Baker McKenzie (Legal), Howden (Insurance) and KPMG (Tax).

A telephone conference with the AURELIUS Management Team will be held at 2pm on Monday, December 13, 2021 in English for interested investors and journalists. Please send an email to investor@aureliusinvest.de to register.

Categories: News

Adelis establishes Circura, the leading building rehabilitation services group, in partnership with entrepreneurs

Adelis Equity

Adelis and four entrepreneur-led companies join forces to create Circura, the leading provider of building rehabilitation services in Sweden. Circura will have revenues of SEK 2 billion and focus on the growing segment for rehab, renovation and related services. With Adelis as growth partner, Circura aims to consolidate the market and double revenue by 2025.

The Swedish market for building rehabilitation, renovation and related services amounts to SEK 200 billion per year. The market is expected to grow strongly driven by increasing needs in the public sector, a significant pent-up demand in the residential building stock as well as changing habits following the pandemic. At the same time, the industry is adapting to more ambitious sustainability targets, which include innovative production processes, energy-efficient solutions and circular models for re-usage of material and products.

Circura becomes the market-leading provider of building rehabilitation services in Sweden, with SEK 2 billion in revenue and 400 employees. Reomti, Våtrumsteknik, Heving&Hägglund and Dipart are all entrepreneur-led companies with leading positions within their respective niches. The companies will continue to operate as independent businesses with their current brands and same management, whilst having the benefits, resources and financial strength of a larger group.

Torbjörn Torell will assume the role of working chairman at Circura, bringing over 40 years of experience from the sector, including CEO roles at One Nordic, Svevia and Bravida. The board will also be joined by Ulrika Francke, chairwoman of Vasakronan, former CEO of Tyréns and previously in leading positions at the Stockholm City Council.

“Circura will be a unique player in the market, combining highly successful rehab specialists which, when combined into a larger group, will be able to provide even more competitive and complete services to their customers. The companies will retain their strong customer relationships and entrepreneurial cultures, whilst benefiting from being part of a larger group – the best of both worlds. Together, we will become the industry leader in customer focus, quality and sustainability”, says Torbjörn Torell, chairman at Circura.

With Adelis as growth partner and thanks to its industry experience, Circura sets out to consolidate the industry through acquisitive growth, and double revenue by 2025.

“Adelis has followed the rehabilitation services market over many years, and in particular the pent-up renovation demand that is growing ever more urgent. Simultaneously, we see stricter requirements in terms of quality and sustainability which create attractive opportunities for a larger professional group with greater resources. We are therefore very pleased to establish Circura together with leading entrepreneurs, and we look forward to working with all employees on this exciting growth journey”, says Erik Hallert, at Adelis Equity Partners.

For further information:

Torbjörn Torell, Chairman Circura

Phone: 070-577 40 40

E-mail: torbjorn.torell@circura.se

Erik Hallert, Adelis Equity Partners

Phone: 070-936 80 41

E-mail: erik.hallert@adelisequity.com

About Circura

Circura is the market-leading provider of building rehabilitation services in Sweden. We operate a decentralized and customer-oriented business model, whilst having benefits and strength of a larger group, to rehabilitate and renew buildings with modern and sustainable methods. Circura consists of a group of leading rehab companies, specialised in their respective local markets. Circura has turnover of SEK 2 billion and 400 employees. For more information, please visit www.circura.se.

About Adelis Equity Partners

Adelis is a growth partner for well-positioned, Nordic companies. Adelis partners with management and/or owners to build businesses in growth segments and with strong market positions. Since raising its first fund in 2013, Adelis has been one of the most active investors in the Nordic middle-market, making 28 platform investments and more than 120 add-on acquisitions. Adelis today manages approximately €2 billion in capital. For more information please visit www.adelisequity.com.

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TA Associates Announces Strategic Growth Investment in Adcubum and tech11 to Create Leading Health and P&C Insurance Software Provider in Europe

TA associates

BOSTON – TA Associates, a leading global growth private equity firm, today announced a strategic growth investment in Adcubum AG, a leading Swiss health and property & casualty (P&C) insurance software provider, and tech11 GmbH, a fast-growing insurance software provider serving the P&C market in Germany and across Europe.

The investment will create a leading software provider in the health and P&C markets in Europe, leveraging the momentum of both Adcubum and tech11. Financial terms of the transactions were not disclosed.

Through its modern core insurance software platform Syrius, Adcubum offers a broad array of modules to support insurance processes, including policy administration, quotation, pricing, claims management and settlements, collections and disbursements, as well as partner and commission management. Adcubum is a market leader for health insurers in Switzerland, with emerging expertise and growth in P&C, primarily in Germany. Founded in St. Gallen, Switzerland in 1997, the company has offices in Switzerland and Germany, and a development center in Croatia.

tech11 offers a holistic digital P&C core insurance platform designed to help insurance companies and managing general agents (MGAs) meet the complexities of digitalization in the insurance industry. The tech11 Insurance Platform, available via a cloud-based SaaS subscription or deployed on-premises, can be utilized for the replacement of legacy systems and as Digital Speedboat for any insurance greenfield approach in fast growing ecosystems, supporting the entire end-to-end policy and claims management lifecycle across Europe. Founded in 2018, tech11 is headquartered in Würzburg, Germany.

“Adcubum is widely considered the leader of its kind in the Swiss health insurance market and continues to demonstrate growth in P&C, a segment tech11 has built great momentum serving in Europe with its innovative platform,” said Stefan Dandl, a Principal at TA. “Given their complementary expertise and resources, Adcubum and tech11 offer a compelling opportunity for innovation and growth. We look forward to working with the management teams to create an industry-leading player in the health and P&C segments across Europe.”

“We have known the team at TA for many years and it is a pleasure to welcome the firm as an investor,” said Emanuele Diquattro, CEO, Adcubum. “With the ongoing push for insurers to further digitize their infrastructure, we see significant potential for continued innovation and new business opportunities in our work. We look forward to partnering with TA and tech11 as we pursue additional organic and acquisitive growth, including possible expansion into new business lines and geographies.”

“Considering their decades of experience investing in growing software businesses, including many SaaS-based companies, we are confident TA is an ideal financial and strategic partner,” said Pierre Dubosq, Co-founder & Managing Director, tech11. “Since our founding, we have focused on helping customers modernize their core insurance systems and realize greater efficiencies by fully automating the P&C insurance business. With TA’s support and in combination with Adcubum, we will look to bring our scalable insurance platform to additional health and P&C carriers in Germany and across Europe.”

Alvarez and Marsal is serving as financial and tax advisor, and Bär & Karrer and Latham & Watkins are providing legal counsel to TA.

About Adcubum AG
Adcubum is a leading software manufacturer for the international insurance industry. Founded in St. Gallen, Switzerland in 1997, Adcubum has offices in Germany and Switzerland and around 400 employees across eight locations, including an R&D center in Croatia. Its core product, Adcubum Syrius, is a flexible, modular and cloud-capable system for health and property & casualty insurers. Together with its customers, Adcubum develops solutions for the insurance market of the future and creates an ideal environment for agile work processes. More information about Adcubum can be found at www.adcubum.com.

About tech11 GmbH
tech11 is a provider of digital core insurance platform for the property & casualty insurance industry in Europe. Founded in 2018 by Pierre Dubosq and Matthias Reining in Würzburg, Germany, the company has grown to more than 50 employees and is headquartered in Würzburg, Germany. More information about tech11 can be found at https://tech11.com.

About TA Associates
TA is a leading global growth private equity firm. Focused on targeted sectors within five industries – technology, healthcare, financial services, consumer and business services – the firm invests in profitable, growing companies with opportunities for sustained growth, and has invested in more than 550 companies around the world. Investing as either a majority or minority investor, TA employs a long-term approach, utilizing its strategic resources to help management teams build lasting value in high quality growth companies. TA has raised $47.5 billion in capital since its founding in 1968. The firm’s more than 100 investment professionals are based in Boston, Menlo Park, London, Mumbai and Hong Kong. More information about TA can be found at www.ta.com.

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Onex Partners to Acquire Tes Global from Providence Equity Partners

Onex

Toronto, ON, and London, England, December 7, 2021 – Onex Corporation (“Onex”) (TSX: ONEX) today announced that Onex Partners V, Onex’ $7.2 billion fund, has agreed to acquire Tes Global (“Tes” or the “Company”), a leading education technology services provider, from Providence Equity Partners L.L.C. (“Providence”), a premier private equity firm that specializes in growth-oriented investments in media, communications, education and technology. Tes’ management team will also invest alongside Onex. Financial terms were not disclosed.
Based in London, England, Tes is an international provider of comprehensive software solutions for the education sector. Its core vision is to power schools and enable great teaching worldwide by creating intelligent online products and services to make the greatest difference in education. Tes’ offering falls into three pillars – Staff Management, Safeguarding & Compliance, and Pupil & Learning Management – hosting over 13 million teachers on its online platform and serving over 17,000 schools in 117 countries. Tes also provides teachers with continuous professional development training in addition to software tools to deliver excellence in the classroom. The Company’s products and services have proven critical throughout the COVID-19 pandemic as teaching and assessment have largely taken place remotely.
“Tes has a well-established brand and deep-rooted relationships with teachers, creating an unparalleled and highly differentiated place in the market. We were attracted to its focus of helping both teachers and school administrators deliver better educational outcomes for students in the UK and around the world,” said Nigel Wright, a Senior Managing Director at Onex. “The Company is well-positioned to grow and to expand its offering of EdTech point-solutions. Onex’ experience in both the Business Services industry and supporting companies in their acquisition plans makes us the ideal partner for Tes. We’re thrilled to be joining Rod and the entire Tes team as we look to accelerate the Company’s next phase of growth.”

“Onex has a wealth of experience and an impressive track record of helping the companies it partners with to grow and thrive. We’re delighted to have found another team whose values are aligned with our vision for the Company and are committed to our future,” stated Rod Williams, Chief Executive Officer of Tes. “On behalf of everyone at Tes, we’d like to thank Providence for their guidance and support as we transformed our business under their stewardship.”

Andrew Tisdale, Senior Managing Director at Providence, said: “We are honored to have partnered with Tes and help the Company accelerate its mission of providing world-class tools to drive high quality education. Since partnering with Tes in 2019, we have supported several strategic acquisitions, including Edval, EduCare and SchoolCloud. Together with the launch of new products and services, these efforts have seen Tes firmly transition into a technology-first partner for teachers and schools, which has been invaluable during a period of sustained remote learning owing to the global pandemic. We are confident Rod and his team have a strong partner in Onex to build on its existing momentum and continue to grow the business.”
The transaction is anticipated to close in the first quarter of 2022. With this transaction, Onex Partners V will be approximately 78% invested.
Onex was advised by Rothschild & Co. as financial advisors and Latham & Watkins LLP as legal counsel. Tes was advised by Arma Partners and Morgan Stanley & Co. International plc (“Morgan Stanley”) as financial advisors and by Weil, Gotshal & Manges as legal counsel.

About Onex
Founded in 1984, Onex manages and invests capital on behalf of its shareholders, institutional investors and high net worth clients from around the world. Onex’ platforms include: Onex Partners, private equity funds focused on mid- to large-cap opportunities in North America and Western Europe; ONCAP, private equity funds focused on middle market and smaller opportunities in North America; Onex Credit, which manages primarily non-investment grade debt through tradeable, private and opportunistic credit strategies as well as actively managed public equity and public credit funds; and Gluskin Sheff’s wealth management services. In total, as of September 30, 2021, Onex has approximately $47 billion of assets under management, of which approximately $7.9 billion is its own investing capital. With offices in Toronto, New York, New Jersey, Boston and London, Onex and its experienced management teams are collectively the largest investors across Onex’ platforms.
Onex shares trade on the Toronto Stock Exchange under the stock symbol ONEX. For more information on Onex, visit its website at www.onex.com. Onex’ security filings can also be accessed at www.sedar.com.

About Tes Global
Tes Global is an international provider of software services to make life easier for schools and teachers. All products and services are built with teachers and schools needs at the core, ensuring they are innovative, trusted education solutions. Tes Global products play a critical role helping teachers and school leaders deal with the challenges of teaching, including safeguarding and compliance, smart pupil management, and staff management. This dedication and focus supports educators across the globe in providing high quality education to millions of children using smart, flexible, and cost-effective solutions. A global Company, Tes Global employs over 500 people operating across 10 offices, including in London, Sheffield, Hong Kong, Melbourne, Sydney, and Dubai. For more information, please visit www.tes.com.

About Providence Equity Partners
Providence Equity Partners is a premier global private equity firm with approximately $45 billion in aggregate capital commitments. Providence pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm’s inception in 1989, Providence has invested in over 170 companies and is a leading equity investment firm focused on growth-oriented investments in media, communications, education and technology. Providence is headquartered in Providence, RI, and also has offices in New York and London. For more information, please visit www.provequity.com.

Disclaimers
This press release may contain, without limitation, statements concerning possible or assumed future operations, performance or results preceded by, followed by or that include words such as “believes”, “expects”, “potential”, “anticipates”, “estimates”, “intends”, “plans” and words of similar connotation, which would constitute forward-looking statements. Forward-looking statements are not guarantees. The reader should not place undue reliance on forward-looking statements and information because they involve significant and diverse risks and uncertainties that may cause actual operations, performance or results to be materially different from those indicated in these forward-looking statements. Except as may be required by Canadian securities law, Onex is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or other factors. These cautionary statements expressly qualify all forward-looking statements in this press release.
Morgan Stanley, which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority in the United Kingdom, is acting exclusively as financial adviser to Tes and no one else in connection with the transaction. In connection with such matters, Morgan Stanley, its affiliates and their respective directors, officers, employees and agents will not regard any other person as their client, nor will they be responsible to anyone other than Tes for providing the protections afforded to clients of Morgan Stanley nor for providing advice in connection with the Transaction, the contents of this announcement or any matter referred to herein.

For Further Information:
Onex
Jill Homenuk

Managing Director – Shareholder Relations and Communications
JHomenuk@onex.com
+1 416.362.7711
Tes Global
Tom Endean

Chief Marketing Officer
Tom.Endean@tes.com
+44 (0) 203 194 3000

Providence Equity Partners
Charlie Chichester / Rory King
Sard Verbinnen & Co.
Prov-SVC@sardverb.com

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Fonds Finanz secures investment from Hg

HG Capital

Fonds Finanz secures investment from Hg to enable further tech innovation and expansion as a leading financial intermediary pool across Germany

Munich, Germany. 10 December 2021: Fonds Finanz, a leading tech-enabled financial intermediary pool focused on the German insurance sector, today announces that is has secured a majority investment from Hg, a leading software and services investor.

Founded in 1996 and headquartered in Munich, Fonds Finanz serves more than 28,000 customers including brokers, distributors, insureTechs and banks across Germany. With a comprehensive software, advisory and service offering, Fonds Finanz gives customers access to a full-service platform, comprising products from more than 500 insurance and financial product vendors in Life, Health, Property & Casualty and Investment funds.

Hg brings to the partnership an extensive network across the insurance sector in Germany and the United Kingdom. Partnering with Hg will enable Fonds Finanz to further optimise the business, with an opportunity to enter several additional customer segments, and to acquire attractive businesses to further broaden the Fonds Finanz service offering and to drive innovation by acquiring complementary technology.

Co-founders Norbert Porazik and Markus Kiener, will continue to run Fonds Finanz and will lead the future development of the company. Both founders remain significant shareholders in the business. The terms of the transaction are not disclosed.

“This is another important milestone in Fonds Finanz’s over 25 years history. We warmly welcome the team from Hg. Together we see a significant opportunity to invest further to provide more customers, with more services, with better technology and across additional segments than has been possible previously.”

Norbert Porazik, co-founder of Fonds Finanz

“I’m really proud of all the colleagues who have worked so hard to put us into this great position as a business. The future is looking very bright for the Fonds Finanz team, and for our customers as we will be increasingly better positioned to service their needs. We’re thrilled to partner with Hg, an expert tech and service investor who can project us forward on this journey.”

Markus Kiener, co-founder of Fonds Finanz

“Fonds Finanz occupies a central position in the insurance eco-system across Germany. Over the last decade we’ve got to really know this sector and we instantly recognised Fonds Finanz as a high value-add channel for insurance companies.  We’re really excited to support Fonds Finanz on its journey, not least because we think technology will play an ever increasing role for the business going forward.”

Benedikt Joeris, Director at Hg

Media Contacts:

Fonds Finanz

Thorsten Jess

+49 (0)89 15 88 15-380

Hg

Tom Eckersley

Tom.Eckersley@hgcapital.com

+44 208 148 5401

Fonds Finanz Maklerservice GmbH

Fonds Finanz Maklerservice GmbH is a leading financial intermediary pool in Germany. The Munich-based company operates nationwide and has more than 28,000 sales partners, 420 employees and 150 regional directors. In the 2020 financial year, Fonds Finanz generated a total revenue of EUR 192.5 million and a profit of EUR 7.1 million (earnings before taxes). Fonds Finanz offers comprehensive and multi-award-winning sales support for intermediaries in the areas of life, health, property, investment, tangible assets, property, banking products and construction financing – entirely free of charge. Founded in 1996, Fonds Finanz is a fully independent owner-managed corporation. Norbert Porazik and Markus Kiener are the owners and managing directors.

As per August 2021

About Hg

Hg is a leading investor in software and services, focused on backing businesses that change how we all do business. Deep technology expertise, complemented by vertical application specialisation and dedicated operational support, provides a compelling proposition to management teams looking to scale their businesses. Hg has funds under management of around $40 billion, with an investment team of over 140 professionals, plus a portfolio team of around 40 operators, providing practical support to help our businesses to realise their growth ambitions. Based in London, Munich and New York, Hg has a portfolio of over 35 software and technology businesses, worth around $92 billion aggregate enterprise value, with over 55,000 employees globally, growing at over 20% per year. Visit www.hgcapital.com for more information.

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Pirum Systems secures new investor to accelerate its global growth strategy

HG Capital

London, United Kingdom, 10 December 2021.

Pirum Systems (“Pirum”), a leading provider of post-trade automation and collateral management technology for the global securities finance industry, today announces that Hg, a leading software and services investor, will become a significant shareholder in the company.

Hg will share joint control with Pirum’s current backers Bowmark Capital, the technology and services investor, which invested in the company in 2019. The Pirum management team will also retain a significant stake in the business.

Pirum was founded in 2000 to provide advanced, centralised and secure reconciliation services for financial market participants. Pirum’s software provides a secure processing hub which seamlessly links industry participants, allowing them to process and verify key transaction details electronically. This delivers significant trade and collateral efficiency, lowers costs and enhances regulatory compliance for its network of clients. Pirum’s products assist 90 of the most prestigious global financial institutions to process over $3 trillion of transactions daily.

Under the stewardship of Bowmark and Pirum’s executive team, the business has successfully rolled-out a leading regulatory reporting offering, while building a suite of new products automating collateral management, repo, and front office activities. Hg’s financial services technology credentials and international footprint will enable Pirum to further drive workflow automation, address regulatory requirements, and enhance innovation across the sector.

“This is a significant milestone in our journey, and is welcome news for everyone at Pirum. Together with Bowmark, Hg will actively support Pirum’s global expansion and investment in additional innovations, helping us to deliver further efficiency and productivity gains for our customers and the broader industry eco-system.”

Philip Morgan, Chief Executive Officer at Pirum

“Hg invests in businesses that are champions in their field, with compelling long-term growth prospects underpinned by strong technological foundations and talented leadership teams. Pirum has all of these qualities and is a business we have tracked for many years through our capital markets technology focus. We look forward to backing Phil and his team, and to partnering with Bowmark to further scale what is already a great platform, driving continued automation of post-trade workflows.”

Sebastien Briens, Partner at Hg

“We have known Pirum and its team for over a decade, and the business has achieved uninterrupted revenue and profit growth during this period. Pirum has a strong track record of product innovation and best-in-class client services, which continuously enhance its propositions for collateralised markets. We are delighted to welcome a new partner in Hg, whilst continuing to work closely with the management team.”

Julian Masters, Managing Partner at Bowmark Capital

The terms of the transaction are not disclosed and the transaction is subject to regulatory approval. The Hg team was led by Sebastien Briens and Steve Burn-Murdoch, and was advised by Skadden, Arps, Slate, Meagher & Flom LLP (legal) and Linklaters (debt legal). Julian Masters and Antonia Cheong led the Bowmark Capital team. Jefferies International Limited served as financial adviser, and Stephenson Harwood LLP served as legal counsel, to Bowmark Capital and Pirum. The management team of Pirum were advised by Jamieson Corporate Finance LLP and Ashurst LLP.

Media Contacts:

Pirum Systems
Anna Conti Manfrin
anna.conti@pirum.com
+44 20 3105 6088

Hg
Tom Eckersley
Tom.Eckersley@hgcapital.com
+44 208 148 5401

Bowmark Capital
Caroline Cecil
Caroline Cecil Associates
ccecil@carolinececil.co.uk
+44 20 7610 4110

About Pirum
Pirum offers a secure, centralised automation and connectivity hub for global securities finance, enabling complete automation of the post-trade and collateral lifecycle across repo and stock loan. Our position within the securities financing sector enables clients to seamlessly access counterparties, triparty agents, trading venues, market data companies and CCPs, as well as meet their regulatory reporting requirements. We combine an in-depth understanding of both the securities finance industry and the most advanced technologies to provide highly innovative and flexible services. Supporting established and emerging financial institutions, Pirum’s pioneering approach consistently reduces operational risk while increasing processing efficiency and profitability.

Pirum’s innovations and customer focus have resulted in widespread industry recognition. Pirum has won multiple awards in recent years including Global Post-Trade Service Provider of the Year at the International Securities Finance Awards, and our Collateral Connect product secured Best Software Solution.

Visit www.pirum.com for more information.

About Hg
Hg is a growth platform of software and services champions, focused on backing businesses that change how we all do business. Deep technology expertise, complemented by vertical application specialisation and dedicated operational support, provides a compelling proposition to management teams looking to scale their businesses. Hg has funds under management of around $40 billion, with an investment team of over 140 professionals, plus a portfolio team of around 40 operators, providing practical support to help our businesses to realise their growth ambitions. Based in London, Munich and New York, Hg has a portfolio of over 40 software and technology businesses, worth around $92 billion aggregate enterprise value, with over 55,000 employees globally, growing at over 20% per year.

To date, Hg has invested over $1 billion specifically in Wealth & Capital Markets software. Pirum will represent the 10th platform investment in this space, with current Hg investments including Riskalyze, FE fundinfo, smartTrade and Gen-II.

Visit www.hgcapital.com for more information.

About Bowmark Capital
Bowmark Capital is a leading private equity firm that invests in UK services and technology companies. Established in 1997, we manage and advise funds of over £1.5 billion and have made more than 50 investments.

With our strategic support and capital, we work in partnership with management teams to accelerate growth and build exceptional businesses. Find out more at www.bowmark.com and LinkedIn.

Bowmark Capital LLP is authorised and regulated by the Financial Conduct Authority.

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CapMan Infra acquires Finland’s leading bus operator – electric bus fleet to grow sixfold by 2026

Capman

CapMan Infra Press Release

10 December 2021 at 9:30 a.m. EET

CapMan Infra acquires Finland’s leading bus operator –electric bus fleet to grow sixfold by 2026

CapMan Infra has entered into an agreement to acquire 100 per cent of the shares of Koiviston Auto (Metsäpietilä Oy), the largest bus operator in Finland. The acquisition is aligned with CapMan Infra’s approach to improve public transportation networks, offer sustainable transportation alternatives by driving the green shift of the business.

Koiviston Auto, founded in 1928, is a market leader within public and commercial bus transport in Finland. The company employs 2,300 people, has a fleet of c. 1,000 buses, operates a network of 18 depots across Finland and transported around 85 million passengers pre-pandemic in 2019.

The company’s business is divided into two segments, contract- and market-based bus transport. The contract-based urban bus transportation business displays attractive infrastructure characteristics of a large asset base underpinned by long-term capacity based and inflation protected contracts with public transportation authorities. The contract-based business represents currently around 80 per cent of group revenues, while the market-based business shows post-pandemic recovery opportunities. The market-based segment operates three well-known brands: Onnibus.com, Onnibus Flex and Porvoon Liikenne, and is the clear market leader in the intercity long-haul bus traffic in Finland.

“We are very pleased to acquire a company with an impressive history and opportunities to transform its business towards more environmentally friendly operations. As the market leader, the company is well-positioned to drive the electrification of the bus sector and grow the business through winning additional contracts. We value their local knowledge and presence, and we plan to maintain the strong brands that the company’s fleet operates under. We look forward to continuing to develop the company together with its employees in line with the values of Koiviston Auto. We recognise the impact of the ongoing pandemic on employees and customers and focus on providing stability as we move towards a recovery,” says Ville Poukka, Managing Partner at CapMan Infra.

Through the acquisition, CapMan is driving the rapid electrification of urban bus transportation. Electric buses currently account for only 6 per cent of Koiviston Auto’s contracted fleet. CapMan plans to increase the company’s contracted electric bus fleet to more than 220 buses by 2026, representing over 33 per cent of the contracted bus fleet. The annual savings of around 21,000 tons of CO2, when compared with 2021 levels equal the removal of around 7,000* cars from traffic.

“Koiviston Auto has operated as a family business for nearly one hundred years. Before making the decision to sell we performed a careful evaluation of the company’s future. The industry is in transition, as traffic is being rapidly electrified. Now was a natural turning point to realise this change. CapMan Infra brings added resources to for instance needed fleet investments as well as valuable expertise to developing the business”, says Antti Norrlin, Chairman of the Board of Koiviston Auto.

The CapMan Infra team holds significant experience in implementing a green shift of the transportation sector through its investment in Norwegian ferry operator Norled, where emissions reduction of the fleet has been a key component of the strategy. The team has previous experience of managing and developing large transportation systems and organisations in the Nordics.

The transaction is subject to customary closing conditions and is expected to close during the first quarter of 2022. All existing employees will maintain their current positions following the transaction. This agreement has no immediate effect on Koiviston Auto’s existing customers or services provided.

CapMan Infra is a Nordic infrastructure investor with a team of ten professionals based in Helsinki and Stockholm and approx. €400 million in assets under management.

*Assuming on average 94,909 driven kilometers per annum for urban traffic bus and 1,202 g/km CO2 emissions for EURO VI class bus (full load) as well as 20,000 driven kilometers per annum for car and 153.5 g/km CO2 emissions for car, based on the average emissions per car in Finland in 2020.

For more information, please contact:

Ville Poukka, Managing Partner, CapMan Infra, tel. +358 50 572 9120

Torborg Chetkovich, Partner, CapMan Infra, tel. +46 73 802 02 05

Antti Norrlin, Chairman of the Board, Koiviston Auto, tel. +358 400 499 041

Antti Unkuri, Group CEO, Koiviston Auto, tel. +358 44 786 4623

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation. We offer a wide selection of investment products and services. As one of the Nordic private equity pioneers, we have developed hundreds of companies and real estate assets and created substantial value in these businesses and assets over the past 30 years. With over €4 billion in assets under management, our objective is to provide attractive returns and innovative solutions to investors. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover Private Equity, Real Estate and Infra. We also have a growing service business that includes procurement services, fundraising advisory, and analysis, reporting and wealth management services. Altogether, CapMan employs around 160 people in Helsinki, Stockholm, Copenhagen, Oslo, London and Luxembourg. We are a public company listed on Nasdaq Helsinki since 2001 and a signatory of the UN Principles for Responsible Investment (PRI) since 2012. Read more at www.capman.com.  www.capman.com

About Koiviston Auto

Koiviston Auto is the largest bus operator in Finland with a nationwide network of depots and routes. The company employs 2,300 people, has a fleet of around 1,000 buses and had a turnover of 173 million euros in 2020. Koiviston Auto is the market leader in market-based intercity traffic with its OnniBus.com, OnniBusFlex and Porvoon Liikenne brands. In the contract-based urban bus transportation business the company is strongly present in the regions of Helsinki, Jyväskylä, Lahti, Kuopio, Oulu, Porvoo, Rauma, Rovaniemi and Varkaus. Koiviston Auto is a family-owned company founded in 1928. The company has its headquarters in Lahti. Visit www.koivistonauto.fi or www.onnibus.com for more information.

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